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Indi – Integrated Diagnostics, Inc

Indi (Integrated Diagnostics, Inc.) is a life sciences/medical diagnostics company which specializes in non-invasive diagnostics for healthcare professionals. Specifically, Indi specializes in assessing lung nodule health for the screening of lung cancer. As a bioengineer who works closely with healthcare professionals as well as runs diagnostic assays for life sciences research, Indi’s product (Xpress Lung) would be an assay that I would use in the lab or clinic. Indi is also #189 on the Geekwire 200. Indi is an interesting company because it is business-to-business. Thus, the market for Indi diverges a fair amount from any consumer-focused business and instead is very specific to healthcare professionals and research institutions.

As Indi is specializing in making more accurate assessments of lung cancer, the existing market is the current standard of care. This includes Positron Emission Tomography (PET), bronchoscopy, biopsy, and surgery. Each of these requires the services of a specialized professional and not always in the same location or business. For instance, PET may be performed at a dedicated lab or clinic as it requires specialized equipment, bronchoscopy can be performed by a physician at nearly any location, biopsies are often analyzed by independent labs outside of the clinic but can be in-house as well, and surgeries must be performed at a hospital and sometimes by a different specialist. As a result, Indi is complementary but also competitive with each of these business and markets. However, very few doctors would ever just use one test to determine lung cancer, so although Indi’s Xpress Lung could in theory supplant one or more of these tests, unless the diagnostic power is far superior (which is possible), likely Indi would be a complementary player in this market.

When a nodule is found, a specialist must confirm whether or not the nodule is cancerous or not. The target use is very specific – lung cancer diagnostics. Indi’s primary user would be a doctor or specialist. However, purchasing for doctors is often handled by the clinic or hospital and further must be FDA approved and accepted by insurance companies are reimbursable (which is in part determined by Medicare). So Indi’s customers and markets would actually be clinics and insurance companies – they must demonstrate value to insurance companies and market to clinics and hospitals. It is less clear who Indi is going after, however. There is not an easy way to order any test, but the benefits are structured to be appealing to doctors. Thus, Indi may seek to gain traction by winning the support of doctors and physicians and then targeting insurance companies once reimbursement strategy is determined.